Appraisal and mortgage document evaluation and scoring system and method

Abstract

A system and related methods for the management and evaluation of real estate appraisals, broker price opinions, and mortgage documents. The system determines a standardized score representative of the accuracy and quality of a real estate appraisal broker price opinion, or mortgage documents, or combinations thereof. Data is extracted and evaluated according to a plurality of rules applicable to the type of appraisal, broker price opinion, or mortgage document. Each rule is given a particular weight, and a score may be calculating by summing each instance of a rule triggered multiplied by the weight assigned to that rule. Weights may be set by experts, or determined by statistical analysis.

We claim: 
     
         1 . A method for evaluating a mortgage loan, comprising the steps of:
 determining an appraisal score for a real estate appraisal connected to a mortgage loan, said appraisal score calculated by:
 extracting, using a computer processor or microprocessor, data from the appraisal; 
 evaluating, using a computer processor or microprocessor, the extracted data against a plurality of rules applicable to the type of appraisal, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule; 
 multiplying, using a computer processor or microprocessor, the weight of each rule by a variable r if the rule is triggered or fired; and 
 automatically calculating, using a computer processor or microprocessor, the sum of the multiplied weights of all rules that have been triggered or fired to determine the appraisal score; and 
   determining a broker price opinion score for a broker price opinion connected to the mortgage loan, said broker price opinion calculated by:
 extracting, using a computer processor or microprocessor, data from the broker price opinion; 
 evaluating, using a computer processor or microprocessor, the extracted data against a plurality of rules applicable to the type of broker price opinion, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule; 
 multiplying, using a computer processor or microprocessor, the weight of each rule by a variable r if the rule is triggered or fired; and 
 automatically calculating, using a computer processor or microprocessor, the sum of the multiplied weights of all rules that have been triggered or fired to determine the broker price opinion score. 
   
     
     
         2 . The method of  claim 1 , wherein a mortgage score is calculated based on the appraisal score and broker price opinion score. 
     
     
         3 . The method of  claim 1 , further comprising the step of determining a mortgage document score for one or more non-appraisal documents connected to the mortgage loan, said mortgage document calculated by, for each of said one or more non-appraisal documents:
 extracting, using a computer processor or microprocessor, data from the non-appraisal document;   evaluating, using a computer processor or microprocessor, the extracted data against a plurality of rules applicable to the type of non-appraisal document, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule;   multiplying, using a computer processor or microprocessor, the weight of each rule by a variable r if the rule is triggered or fired; and   automatically calculating, using a computer processor or microprocessor, the sum of the multiplied weights of all rules that have been triggered or fired for said non-appraisal document.   
     
     
         4 . The method of  claim 1 , wherein said mortgage document score is calculated as the sum of the multiplied weights of all rules that have been triggered or fired for all of said non-appraisal documents. 
     
     
         5 . The method of  claim 3 , wherein a mortgage score is calculated based on the appraisal score, broker price opinion score, and mortgage document score. 
     
     
         6 . The method of  claim 1 , wherein one or more weights may be adjusted over time. 
     
     
         7 . The method of  claim 1 , wherein one or more weights are set or adjusted based on statistical analysis of a plurality of appraisals or broker price opinions, or both, being subjected to the method. 
     
     
         9 . A method for evaluating a mortgage loan, comprising the steps of:
 determining an appraisal score for a real estate appraisal connected to a mortgage loan, said appraisal score calculated by:
 extracting, using a computer processor or microprocessor, data from the appraisal; 
 evaluating, using a computer processor or microprocessor, the extracted data against a plurality of rules applicable to the type of appraisal, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule; 
 multiplying, using a computer processor or microprocessor, the weight of each rule by a variable r if the rule is triggered or fired; and 
 automatically calculating, using a computer processor or microprocessor, the sum of the multiplied weights of all rules that have been triggered or fired to determine the appraisal score; and 
   determining a mortgage document score for one or more non-appraisal documents connected to the mortgage loan, said mortgage document calculated by, for each of said one or more non-appraisal documents:
 extracting, using a computer processor or microprocessor, data from the non-appraisal document; 
 evaluating, using a computer processor or microprocessor, the extracted data against a plurality of rules applicable to the type of non-appraisal document, wherein each rule is assigned a particular weight, and said particular weights may vary for each rule; 
 multiplying, using a computer processor or microprocessor, the weight of each rule by a variable r if the rule is triggered or fired; and 
 automatically calculating, using a computer processor or microprocessor, the sum of the multiplied weights of all rules that have been triggered or fired for said non-appraisal document. 
   
     
     
         10 . The method of  claim 9 , wherein said mortgage document score is calculated as the sum of the multiplied weights of all rules that have been triggered or fired for all of said non-appraisal documents. 
     
     
         11 . The method of  claim 9 , wherein one or more weights may be adjusted over time. 
     
     
         12 . The method of  claim 9 , wherein one or more weights are set or adjusted based on statistical analysis of a plurality of appraisals or documents, or both, being subjected to the method.